IMF chief tells eurozone leaders to agree Greece’s bailout or trigger further global crisis as EU ministers delay €12bn lifeline The International Monetary Fund warned European leaders that their hesitant response to Greece’s debt crisis risked triggering the world’s second global financial meltdown in three years. As EU finance ministers scrambled to build a second bailout of Greece in the space of a year, but delayed throwing Athens a €12bn lifeline until next month, the IMF delivered its bluntest public criticism to date of the way EU leaders have handled the crisis. “Policymakers are yet again facing uncomfortable dilemmas, raising uncertainty about the final outcome,” the fund said in its annual assessment of the eurozone. “With deeply intertwined fiscal and financial problems, failure to undertake decisive action could rapidly spread the tensions to the core of the euro area and result in large global spillovers … a disorderly outcome cannot be excluded.” The warning came as the Greek prime minister, George Papandreou, was trying to secure agreement from MPs for a package of measures to cut the country’s huge debts that would mean deep wage cuts and sweeping privatisation. He faces a crucial parliamentary vote of confidence on Tuesday which could yet derail the delivery of the rescue funds. After meeting the ministers in Luxembourg, John Lipsky, the IMF’s acting head, warned that the Greek crisis would “be felt much more strongly around the world” if it was allowed to draw in core eurozone banks. He indirectly signalled that Europe’s attempts to get to grips with the crisis over the past 18 months had been disjointed, indecisive, and unproductive. Lipsky, an American who assumed the leadership of the IMF last month when Dominique Strauss-Kahn of France was forced to resign after being arrested on charges of attempted rape in New York, sounded frustrated with EU leaders’ slow-motion handling of the crisis and exasperated by the arguments raging for months. “The crisis has brought the euro area to a crossroads … Only a cohesive and co-operative approach to crisis management will be successful,” he said. Following weeks of feuding between Germany and the European Central Bank over whether Greece should effectively restructure some of its debt by forcing losses on private creditors, Lipsky demanded an end to the argument, supporting the ECB against Berlin. “It is essential to bring the debate about debt restructuring and the set-up of the ESM quickly to a close,” he said, referring to the European stability mechanism, or permanent eurozone bailout fund, to be established in 2013. His criticisms appeared directed mainly at Germany, which had been insisting Greece’s second bailout should entail “haircuts” or losses for the private banks, pension funds, and insurance companies owed billions by Greece in government debt. The Germans have also been seeking to establish a compulsory role for private creditors in the permanent regime to come into force in two years’ time. The Luxembourg meeting failed to finalise both a second bailout, expected to amount to €120bn over three years, and to disburse a tranche of €12bn from the rescue launched in May last year, declaring that first Papandreou would need to win cross-party support for the radical austerity and privatisation being pushed through parliament. “First, Greece must fulfil the conditions. Then we can decide on a new programme so that the payout of the next instalment is possible,” said Wolfgang Schäuble, the German finance minister. If Papandreou failed “this path cannot be taken”. Jean-Claude Juncker, president of the euro group of 17 EU states, called a further meeting of finance ministers for 3 July, a week on Sunday. Greece needs the €12bn by mid-July to avoid default. The second bailout is to be “financed through both official and private sources … in the form of informal and voluntary roll-overs of existing Greek debt at maturity for a substantial reduction of the required year-by-year funding within the programme, while avoiding a selective default for Greece”, the eurozone ministers said. The voluntary role of private creditors was a victory for the ECB, while the mention of a “substantial reduction” was aimed at satisfying Germany. The EU ministers demanded support for Papandreou from opposition parties. “Given the length, magnitude and nature of required reforms in Greece, national unity is a prerequisite for success,” said their statement. Greece European debt crisis European Union Euro IMF European Central Bank Ian Traynor Larry Elliott guardian.co.uk
Continue reading …A court in the Bahamas dismissed a rape case Monday against a Florida International baseball star Garrett Wittels and two friends who were accused of sexually assaulting two American teens after a night of drinking at an island resort. (June 20)
Continue reading …Most camera owners count low price, a versatile zoom lens, and HD video capture high on the priority list when searching for their next point-and-shoot, but Sigma’s new DP2x falls short on all three counts, sporting an $800 price tag , fixed-length 24.2mm lens, and meager QVGA video. So why, then, did Sigma bother releasing an update to last year’s DP1x ? The camera’s near-DSLR-size 14 megapixel Foveon X3 sensor is slightly redeeming, along with a sturdy body construction and full manual controls, according to a review on ePhotoZine, but negative bullet points like poor JPEGs, a magenta cast on images, and a slow response time leave us unimpressed. Sigma boasts of the cam’s unique image sensor, which it claims stacks red, green, and blue layers for higher-quality images, but even there, poor low-light performance and 4.7 megapixel file output don’t seem to make the tradeoff worthwhile. The site claims that the cam’s lens is a solid-performer, however, with a fast f/2.8 aperture and an excellent manual focusing system. Overall, we don’t appear to have a winner on our hands with the DP2x, but Sigma loyalists looking to stick with the seemingly overpriced, undervalued camera line can hit up the source link for the full review. Sigma’s fixed-lens DP2x reviewed: a ‘quirky camera’ that ‘needs further development’ originally appeared on Engadget on Mon, 20 Jun 2011 15:01:00 EDT. Please see our terms for use of feeds . Permalink
Continue reading …NBC sparked a furor on Twitter after it omitted the words “under God” from of the Pledge of Allegiance during its US Open coverage—twice. In the pre-taped segment, kids recited the pledge as patriotic images appeared on screen. The first time, the words “under God” and “indivisible” are left…
Continue reading …Amy Winehouse just doesn’t do quiet. Mixing stints in rehab and court with occasional forays into, you know, her actual career of recording, releasing and performing music, the 27-year old singer made a simply shocking start to her 12-date European comeback tour. The result was a Serbian show labeled “the worst in the history of
Continue reading …A republican-organized roast at the Hilton New Orleans Riverside headed by comedian Reggie Brown, meant to poke fun at democrats broadly and the president in particular, turned horribly wrong, after the comic flipped the tables and after joking at Obama’s expense for a good 15 minutes, decided to take some well-deserved stabs at republican candidates. After telling the crowd that as president Obama,… Broadcasting platform : YouTube Source : zero hedge Discovery Date : 19/06/2011 23:18 Number of articles : 4
Continue reading …Alliance admits targeting buildings 40 miles from Tripoli which it had identified as concealing a command and control centre Nato has admitted launching a missile strike against a compound that Libyan officials claim killed at least 15 people, including three children. Nato said the four buildings in a rural area west of Tripoli were being used as an important command and control centre for attacks by Muammar Gaddafi’s forces, and were a legitimate military target under the mandate of the UN resolution. Monday’s attack came 24 hours after Nato admitted that a rogue missile was responsible for the deaths of up to nine civilians in a raid early on Sunday that went wrong. Libyan officials used Monday’s bombing to claim Nato was deliberately targeting civilians as part of its military strategy, a claim emphatically denied by commanders in Naples and London, who said great care was being given to the campaign’s conduct. Libyan government spokesman Moussa Ibrahim told the Associated Press that the alliance bombed the compound belonging to Khoweildi al-Hamidi outside the city of Surman, 40 miles west of the capital, at around 4am local time. Al-Hamidi is a regime insider who took part in the 1969 coup that gave Gaddafi power. He reportedly commanded troops who crushed rebels in the western city of Zawiya in March, and his daughter is married to Gaddafi’s son, Saadi. Ibrahim said Hamidi escaped the air strikes unharmed but that three children, including two of Hamidi’s grandchildren, were among the 15 people killed. “They [Nato] are targeting civilians … the logic is intimidation,” Ibrahim said. “They want Libyans to give up the fight … they want to break our spirit.” Foreign journalists based in the Libyan capital were taken by government officials to the walled compound, where the main two-storey buildings had been blasted to rubble. A pair of massive craters could be seen in the dusty ground, and rescue service workers with sniffer dogs were searching for survivors. In a hospital in the nearby city of Sabratha, staff showed journalists the bodies of at least 10 people, including those of two children, allegedly killed in the strike. Some of the bodies were charred beyond recognition. Nato said the attack had been ordered after careful monitoring of the site had shown beyond doubt it was being used by Gaddafi as an important command and control centre. An official said the compound was responsible for directing “systematic attacks” against Libyan civilians, and its destruction would degrade the dictator’s ability to launch further raids on his people. Stung by criticism of the mistake that led to the deaths of civilians on Sunday, Nato insisted it was being extremely cautious in its targeting of sites, partly because it knows that Gaddafi has been hiding his remaining forces in civilian areas to shield them from attack. Speaking shortly before an EU meeting in Luxembourg, the Italy’s foreign minister, Franco Frattini, said Nato was “endangering its credibility … we cannot risk killing civilians”. Nato said it had conducted 11,500 missions during the four month campaign, of which almost 4,500 had included missile strikes. Sunday’s destruction of a family home in Tripoli had probably been caused by one malfunctioning weapon, it said, and was deeply regrettable, but not indicative of the way the campaign was being run. Libya Middle East Africa Arab and Middle East unrest Muammar Gaddafi Nato Nick Hopkins guardian.co.uk
Continue reading …As the nuclear crisis unfolded in Japan British scientists devised a worst case scenario response to protect UK citizens with iodine pills and screenings The British government made contingency plans at the height of the Fukushima nuclear crisis which anticipated a “reasonable worst case scenario” of the plant releasing more radiation than Chernobyl, new documents released to the Guardian show. The grim assessment was used to underpin plans by the British embassy in Tokyo to issue protective iodine pills to expats and visitors. It also prompted detailed plans by Cobra, the government’s emergency committee, to scramble specialist teams to screen passengers returning from Japan at UK airports for radioactive contamination. The UK government’s response to the unfolding crisis is revealed in documents prepared for Sir John Beddington, the chief scientist and chair of the Scientific Advisory Group for Emergencies (SAGE), and released to the Guardian under the Freedom of Information Act. The haul of 30 papers includes advice from the National Nuclear Laboratory on damage to the plant, public safety assessments from the Health Protection Agency (HPA), computer models of the radioactive plume from Defra’s Radioactive Incident Monitoring Network (RIMNET), and the worst case scenario that might unfold at the plant. A substantial number of documents were withheld on grounds that they contained “information which, if disclosed, would adversely affect international relations,” the government’s civil contingencies team said. The earthquake and tsunami which hit Japan in March, knocking out critical cooling systems at the Fukushima plant, prompted immediate fears that nuclear fuel in the reactors could melt through their pressure vessels and drop onto the concrete floor beneath, causing a “corium explosion” and major release of radiation. There were similar concerns over hundreds of spent fuel rods packed into storage pools above the reactors. To avert nuclear meltdown, Japanese emergency teams worked frantically to rig up mobile power supplies and pump water into the reactors, while the storage ponds were doused with water from helicopters, military fire trucks and an enormous remote-controlled concrete pump. The documents reveal how the government scrambled to build up a clear picture of the crisis and the danger it posed in the days and weeks after the earthquake struck. In the first week, advisers wrestled with conflicting information on the amount of spent fuel at the Fukushima site, but settled on a figure of 4,500 fuel rods in six ponds, or enough to power eight reactor cores. A separate fuel pond, known as the common pool, was “full to the gunnels,” one unnamed adviser wrote. Another fear raised in one document was that spent fuel rods might overheat, melt and slump to the bottom of their storage pools where enough could gather to “go critical”, that is, restart nuclear reactions. The likely result would be spikes in criticality, releasing fresh radioactive material, “which could continue for some time,” the paper states. In further statements, government advisers admitted insufficient expertise to work out how high an explosion might blast radioactive material, but warned that an explosion at one reactor or fuel pond could trigger a domino effect as other reactors and the spent fuel ponds became too dangerous to tend to. The “reasonable worst case scenario” envisaged ruptures at all three reactors in operation before the earthquake, and radiation leaks from six spent fuel ponds at the Fukushima site. The Nuclear Installations Inspectorate estimated this would release ten percent of the radioactive caesium-137 and iodine-131 in the cores and one third of the caesium-137 in the spent fuel ponds. Under the scenario, wind currents carried the plume directly towards Tokyo at a speed of five metres per second. Had the event happened, it could have released the equivalent of 9.92 million terabecquerels of radiation from iodine-131 into the open air, nearly double the 5.2 million terabecquerels released by the fire at the Chernobyl nuclear reactor in Ukraine in 1986 . Even in this worst case scenario though, the accident was expected to cause less harm than Chernobyl, where the reactor’s burning graphite core threw radioactive material high into the atmosphere, and local populations were not evacuated quickly or barred from consuming contaminated milk and other products. The documents show how seriously the risk to British nationals in Tokyo and Sendai was taken. A week into the crisis, the British embassy distributed iodine pills as a contingency measure. Meanwhile, the HPA prepared advice to be published in case a major leak occured. It explained what time the radioactive plume would reach either Tokyo or Sendai, depending on the wind direction and stated: “When the Japanese authorities instruct you to shelter you should take the first dose, or if the UK government gives you additional information.” On 25 March, two weeks after the tsunami struck, the government’s emergency Cobra committee asked the Health Protection Agency to draw up detailed plans to monitor air passengers for radioactive contamination as they arrived from Japan. The agency proposed monitoring all passengers if a major leak arose that could cause “some health concern”, and limited monitoring to reassure the public at the government’s request. Documents from the Health Protection Agency show it had a team ready to monitor passengers landing at Heathrow airport within 24 to 36 hours of Cobra’s request. The agency expected to start passenger screening if a major radiation leak from the plant led to predicted doses of more than six milliseverts in people beyond the 80km exclusion zone. But the agency warned it would struggle to monitor all passengers arriving from Japan at more than two airports in the UK, even if it borrowed radiation detectors from the Atomic Weapons Establishment in Berkshire. In April, the Fukushima incident was upgraded to a level seven , the maximum,on the International Nuclear and Radiological Event Scale. According to Japan’s Nuclear Safety Commission, the accident led to a release of radiation equivalent to 630,000 terabecquerels of iodine-131. That month, a joint paper to SAGE from the Office of Nuclear Regulation, the Met Office, the HPA and RIMNET stated: “The mechanism that could lead to a serious release remains unchanged, ie, molten fuel coming into contact with the concrete base of a pond or reactor causing an explosion.” Other papers prepared for the Scientific Advisory Group for Emergencies outline the possible long term impact of the accident, which could see restrictions on food supplies in place for years and some regions around the plant ruled permanently out of bounds. Japan disaster Japan Nuclear power Energy Ian Sample guardian.co.uk
Continue reading …The Internet’s governing body has voted to allow virtually unlimited new domain names based on themes as varied as company brands, entertainment and political causes, in the system’s biggest shake-up since it started 26 years ago. (June 20)
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